IN THE SENATE OF THE UNITED STATES
June 28, 2017
Mr. Crapo (for himself, Mr. Brown, Ms. Cortez Masto, Mr. Cotton, Mr. Menendez, Mr. Perdue, Mr. Rounds, Mr. Scott, Mr. Tester, Mr. Tillis, Mr. Van Hollen, Mr. Warner, and Ms. Warren) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs
To amend the Financial Stability Act of 2010 to modify the term of the independent member of the Financial Stability Oversight Council.
This Act may be cited as the
Financial Stability Oversight Council Insurance Member Continuity Act.
Financial Stability Oversight Council
Section 111(c) of the Financial Stability Act of 2010 (12 U.S.C. 5321(c)) is amended by adding at the end the following:
Term of independent member
Notwithstanding paragraph (1), if a successor to the independent member of the Council serving under subsection (b)(1)(J) is not appointed and confirmed by the end of the term of service of such member, such member may continue to serve until the earlier of—
18 months after the date on which the term of service ends; or
the date on which a successor to such member is appointed and confirmed.